Marico Ltd. reported revenue of ₹3,897 cr for July to September 2026, +13.0% on the year and −1.5% on the quarter. That is slower than this quarter has grown in recent years (+18.5% on average). Over the last four quarters revenue comes to ₹14,692 cr, +20.5% on the four before.
The full Marico Q2 FY27 results page carries every quarter on the same rules, the checks that ran and the ones that need the filing read: Marico Q2 FY27 results, read forensically.
Marico Q2 FY27: the numbers
| Sep '26 | Previous quarter | A year ago | On the year | |
|---|---|---|---|---|
| Revenue | ₹3,897 cr | ₹3,957 cr | ₹3,450 cr | +13.0% |
| EBITDA | ₹709 cr | ₹819 cr | ₹560 cr | +26.6% |
| EBITDA margin | 18.2% | 20.7% | 16.2% | +196 bps |
| Net profit | ₹558 cr | ₹652 cr | ₹432 cr | +29.2% |
| EPS | ₹4.24 | ₹4.86 | ₹3.24 | +30.9% |
Consolidated figures in ₹ crore, as filed with the exchanges.
What the numbers say
Operating profit (EBITDA) was ₹709 cr, a margin of 18.2%, +196 bps on the year and −250 bps on the quarter. Over the last 8 quarters the margin has ranged from 15.8% to 20.7%, averaging 18.0%. Operating costs grew +10.3% against revenue growth of +13.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹558 cr, +29.2% on the year and −14.4% on the quarter, with earnings per share of ₹4.24. Profit before other income, one-offs and tax grew 24.0%, so 5 points of the headline growth came from outside the core business. The tax rate of 17% is in line with its recent average. Profit over the last four quarters totals ₹2,078 cr, +22.5% on the four before.
Of the 7 companies in Fast Moving Consumer Goods that have reported Q2 FY27 so far, Marico Ltd. ranks 7th on revenue growth; the sector median is +16.4%. Its margin moved +196 bps on the year against a sector median of −61 bps.
On earnings per share of ₹15.55 over the last four quarters, the stock at ₹788.05 trades at 50.7 times trailing earnings.
Where the profit change came from
Net profit went from ₹432 cr in Sep '25 to ₹558 cr in Sep '26. Taking each line in turn: Business (EBITDA) added ₹149 cr, depreciation took away ₹17.0 cr, finance cost took away ₹12.0 cr, other income added ₹4.0 cr and tax added ₹2.0 cr.
Segments
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| India | ₹2,916 cr | — | — | — |
| International | ₹981 cr | — | — | — |
Questions the numbers raise
None of the 14 checks that could run on this quarter raised a question. That says the numbers cleared these checks; it is not a verdict on the company.
How it compares with Fast Moving Consumer Goods this season
| Company | Revenue growth | Margin change | Profit growth |
|---|---|---|---|
| AWL Agri Business Ltd. | +26.1% | −110 bps | −2.4% |
| LT Foods Ltd. | +16.9% | −69 bps | +9.8% |
| Radico Khaitan Ltd | +16.8% | +453 bps | +65.7% |
| Allied Blenders and Distillers Ltd. | +16.0% | −52 bps | +9.5% |
| Hindustan Unilever Ltd. | +14.5% | −132 bps | +3.8% |
| Tata Consumer Products Ltd. | +14.0% | +30 bps | +15.5% |
| Marico Ltd. | +13.0% | +196 bps | +29.2% |
What to watch next
The next quarter, Q3 FY27, has to be filed by 14 Feb 2027. The same checks will run on it, and the results page will compare it with this one.
All of Marico's quarters, the checks and the profit bridge →
The Marico terminal: financials, valuation history and forensic checks →
Frequently asked questions
What were Marico Ltd. Q2 FY27 results?
Marico Ltd. reported revenue of ₹3,897 cr (+13.0% on the year) and net profit of ₹558 cr (+29.2% on the year) for July to September 2026.
Was Marico Ltd. profit growth driven by the core business?
Profit before other income, exceptional items and tax moved +24.0% on the year, against +29.2% for reported profit.
Are there any red flags in Marico Ltd. Q2 FY27 results?
None of the 14 checks that could run raised a question.
Is this a recommendation?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by published rules. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security.
Leave a Reply